The global food system is the primary driver of biodiversity loss, with agriculture alone being a threat to 86% of species at risk of extinction according to the ‘Red List’ maintained by the International Union for Conservation of Nature (IUCN).[1]
Highlighting the urgent need to change how food is produced and consumed today, I Care by BearingPoint and Iceberg Data Lab (IDL) partnered with 4 financial institutions: BNP Paribas, Crédit Agricole S.A., Mirova, and SCOR, to conduct a Taskforce on Nature-related Financial Disclosures (TNFD) pilot on the agrifood sector with a sample of 123 companies operating globally.
Beyond addressing nature loss, this TNFD pilot assessed the ability of financial institutions to both report and act on biodiversity. It tested the application of the beta version of the TNFD Framework and V-Process, supplemented with quantitative biodiversity footprint and dependency indicators developed by IDL. This partnership demonstrated that it is possible to identify potential impacts, dependencies, risks, and opportunities (IDROs) for the agri-food sector, for both direct and indirect activities.
Financial institutions have a role to play in helping transform the agrifood industry in favor of nature by supporting their clients toward sustainable food production through scaling up agroecology, and other sustainable agricultural practices, as well as shifting consumption patterns and reducing food waste and resource consumption.
The transition toward a more sustainable food system will not be possible without support from governments worldwide and all actors involved in the ‘biodiversity and nature’ space, including the TNFD framework, have a vital role to play to encourage disclosures, as well as develop common methodologies, indicators, and target-setting approaches on biodiversity.
We would like to thank all the stakeholders at BNP Paribas, Crédit Agricole S.A., Mirova, SCOR, and Iceberg Data Lab who took part in this exercise for their commitment to this innovative pilot.
Download the Final Report to learn more about the methodology, scope, and results
Further questions or interest in conducting a similar pilot?
Reach out to our expert team at contact@i-care-consult.com
References
- [1] Ritchie, H. and Roser, M. (2019), ‘Environmental impacts of food and agriculture’, Our World in Data, September 2019, Environmental Impacts of Food Production – Our World in Data
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